When someone dies, the responsibility of dealing with their financial affairs can be an unpleasant prospect. There is a lot of paperwork to be completed, and while they are still coming to terms with the death of a loved one many people need guidance and assistance with the practical steps which need to be taken.
If you are named as an Executor in the Will, or you are entitled to act as the Administrator af an estate where there is no Will, you should take advice at an early stage about what is involved. Your responsibilities are legal, administrative and financial.
Hayes + Storr can provide as much help as you need, which may include some or all of the following:
- Advice on what needs to be done immediately after the death
- Where the estate is very straightforward, guidance to enable you to deal with the administration of the estate yourself
- Completing Inheritance Tax papers and submitting them to HM Revenue and Customs on your behalf
- Obtaining a Grant of Probate (if there is a Will) or a Grant of Letters of Administration (if there isn’t)
- Many clients ask us to provide a complete service, taking full responsibility for the administration of the estate, including obtaining the Grant, accounting for Inheritance Tax, gathering in the Deceased’s assets, paying bills, distributing the estate and preparing estate accounts.
International Estate Administration
At Hayes + Storr we have a Notary Public who is experienced in dealing with international estates. If you own any property or assets abroad you will need advice on the tax consequences and succession rules.
Where we are engaged to carry out a limited piece of work such as obtaining a Grant of Probate where the financial information has been provided by you, we can usually do so on the basis of a fixed fee. If we carry out the entire administration of the estate we will provide an estimate of costs on the basis of our hourly rates. The cost will then reflect the time it takes to do the work. We consider this as a much fairer basis for charging than to charge, for example, a fee based on a percentage of the value of the estate, and it is likely to be more cost effective for you.